SRI NANDAKUMAR K. Vs. DEPUTY REGISTRAR OF CHITS

JUDGEMENT

(1.) The petitioner is before this Court calling in question the orders dtd. 9/4/2018 passed by the 1st respondent/Deputy Registrar of Chits and the order dtd. 23/3/2022 passed by the 5th respondent/Joint Registrar of Chits in the dispute and in the appeal, whereby both the Authorities have declined to accede to the submissions made or the contentions so advanced by the petitioner.

(2.) Heard Sri.S.Vivekananda, learned counsel appearing for petitioner and Sri.Sainath, learned counsel appearing for respondent No.2.

(3.) The petitioner stood as a guarantor to the tune of Rs.25.00 lakhs loan availed by the principal borrower/3 rd respondent, a subscriber of the chit fund that was floated by the 2nd respondent. The amount having not repaid leads the 2nd respondent to institute proceedings before the Deputy Registrar of Chits. The Deputy Registrar of Chits passes an award in terms of his order dtd. 9/4/2018 whereby, both the petitioner and the principal borrower and respondent No.4 being the guarantor to the chit prize money given to the 3rd respondent, are held to be liable jointly and severally for paying an amount of Rs.13,29,142.00 with interest at 21% per annum on the principal amount of Rs.8,00,000.00. The petitioner calls this in question before the 5th respondent/Joint Registrar of Chits who confirms the order passed by the Deputy Registrar of Chits and dismisses the appeal so filed before him in terms of an order dtd. 23/3/2022. It is the aforesaid orders that are called in question in the subject petition.